MARKET SNAPSHOT

Charlotte q1 2025

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AVERAGE RENT

$1,615 Q1 2025

OCCUPANCY RATE

91.8% Q1 2025

QUARTERLY NET ABSORPTION

3,976 Q1 2025

ANNUAL RENT CHANGE

-0.2% Q1 2025

ANNUAL OCCUPANCY CHANGE

-20 BPS Q1 2025

QUARTERLY COMPLETIONS

4,424 Q1 2025

KEY TAKEAWAYS

Renter demand is surging, with Q1 net absorption at 3,976 units, more than double the 10-year quarterly average and 37% higher than Q4 2024. Annual absorption over the past 12 months reached 14,068 units, well above historic norms.

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Rent trends are stabilizing, with the annual rent decline slowing to -0.2%, a marked improvement from the sharper 2% annual decreases seen in late 2022 and early 2023.

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Occupancy remains stable around 91.8%, slightly below the 10-year average of 94.1%, while new supply is down 20% from the previous quarter, which could support further stabilization in fundamentals moving forward.

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